Chapter 2 Marketing – Flashcards
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A ___ is a legal entity that consists of people who share a common mission.
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Organization
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a product, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants.
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an offering
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a privately owned organization that serves its customers to earn a profit so that it can survive.
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A for-profit organization
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a nongovernmental organization that serves its customers but does not have profit as an organizational goal.
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A nonprofit organization
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____ applies innovative approaches to organize, create, and manage a venture to solve the practical needs of society and is usually structured as a nonprofit organization
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A social entrepreneur
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Organizations that develop similar offerings, when grouped together, create an
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Industry
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an organizations long term course of action designed to deliver a unique customer experience while achieving its goals
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Strategy
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a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
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A strategic business unit (SBU)
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is the level at which managers set a more specific strategic direction for their businesses to exploit value creating opportunities.
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The strategic business unit level
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Specialized functions such as marketing and finance are generally referred to as
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Departments
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An organizations ____ are the fundamental, passionate, and enduring principles that guide its conduct over time.
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Core values
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All of the following are examples of stakeholders EXCEPT:
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competitors
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The terms _____ and a mission statement are often used interchangeably.
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Vision
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the clear, broad, underlying industry or market sector of an organization's offering.
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In the context of organizational direction, a business refers to
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The strategies an organization develops to provide value to the customers it serves is called a
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Business model
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statements of an accomplishment of a task to be achieved, often by a specific time.
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Objectives
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the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
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Market share
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a road map for the marketing activities of an organization for a specified future time period, such as one year or five years
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Marketing plan
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a measure of the quantitative value or trend of a marketing activity or result
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Marketing metric
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an organizations special capabilities, including skills, technology, and resources that distinguish it from other organizations and provide customer value
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Competencies
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The Boston consulting group (BCG) uses this to quantify performance measures and growth targets to analyze its clients SBUs as though they were a collection of separate investments.
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Business portfolio analysis
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in the Boston consulting group model for analysis of a firms strategic business units, or SBUs, the vertical axis reflects this
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Market growth rate
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in the Boston consulting group model for analysis of a firms strategic business units, or SBUs, the horizontal axis reflects this
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Relative market share
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SBUs with dominant shares of slow-growth markets that provide cash to cover the organizations overhead and to invest in other SBUs
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Cash cows
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SBUs with a low share of high growth markets that may require large cash injections of cash just to maintain market share
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Question Marks
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low market growth rate and low relative market shares
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Dogs
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marketing strategy to increase sales of current products in current markets
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Market Penetration
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selling current products to new markets
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Market Development
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marketing strategy of developing new products and selling them in new markets
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Diversification
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an approach whereby an organization allocates its marketing mix resources to reach its target markets
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Strategic Marketing Process
